Richard Li Sells 23 Percent Stake in PCCW

From SiliconValley.com:

"Richard Li, the scion of Hong Kong's most prominent business family, is selling a 23 percent stake in PCCW Ltd. for $1.2 billion, ending his failed attempt to transform the phone company into a regional Internet powerhouse.

Financier Francis Leung said Monday he is buying the 23 percent stake from Li's investment company for 6 Hong Kong dollars (about 71 U.S. cents) per share. That represents a premium of 8.1 percent on PCCW's recent share price."


China Net Investor - Souvenir from the Internet Bubble days:

Pacific Century CyberWorks, CMGI to form Internet venture
(Jan 31, 2000 !!!)

Hong Kong's Pacific Century CyberWorks Ltd. (PCCW) and U.S. Internet conglomerate CMGI Inc. said Tuesday they have formed a 50-50 joint venture for Internet-related business in Asia.

The new company, to be named CMGI Asia and headquartered in Hong Kong, will in turn set up joint ventures with 18 CMGI majority-owned operating companies that would have the world's third largest market reach following American Online Inc. and Microsoft Corp., PCCW and CMGI officials said.

The first four ventures to be formed will involve Alta Vista, a major media and commerce network, Engage Technologies, a leading provider of profile-driven Internet marketing solutions, iCAST, a multimedia online entertainment company, and 1ClickCharge, a single-click Internet payment service.